FHA loans
When applying for an FHA home loan, some lenders may ask for tax paperwork as part of the application process. Some borrowers may wonder if this is legal, or an acceptable practice for home loans in general.
FREE CREDIT SCORE
Do you know what's on
your credit report?

FHA Loan Articles

News, updates, and explanations to keep you informed.
Does Zoning Matter for VA Loans?
Many VA borrowers use their VA loan benefits to buy and own homes in traditional neighborhoods, but you shouldn't feel limited to these areas when looking for a new home. Do you live in the city? Are you looking for a condominium, multi-plex unit or other types of property not found in the suburbs?

What do VA regulations say about approving loans in a mixed-use building such as a condo or multiplex unit? Some VA borrowers see the potential income in running rental properties, and a VA mortgage for a multi-use property is tempting. Does the VA allow such use?

Yes -- as long as the borrower lives on the property as the primary residence.

When the VA decides to approve a loan on a property zoned for both residential and commercial use, there's a review of the property's "remaining economic life". If a building is appraised at having a remaining economic life of at least three decades, the Department of Veterans Affairs considers that a viable building to issue a VA home loan on; a condo set above a shop in a neighborhood, for example, would theoretically be approved for a VA home loan if it meets all other VA requirements because there is no danger of the residences in that building being phased out over the lifetime of the loan.

The remaining economic life of a building is determined in the VA property appraisal process-it's not something a real estate agent or loan officer can judge accurately. Getting this particular information is something that would become available only to a serious buyer. If you are pre-approved for a VA loan but haven't decided on a property yet, it's possible to speculate, but the decision on the viability of a commercial/residential building won't be made until the appraiser does their work.


FHA NEWS and RELATED ARTICLES

The FHA does not place a dollar amount requirement on income or specify a range of minimum income amounts, but FHA requirements do impose standards with regard to verifiable income.
FHA mortgage loans have specific rules about credit, employment history, verifiable income and more. But there is often confusion over the rules because of differences between a participating FHA lender's requirements versus the FHA loan rules.
FHA loan rules for cash-out refinancing always require the borrower to qualify and meet credit and income standards that may not be the same as for non-cash out transactions.
In a tough economy borrowers worry about bankruptcy, foreclosure, and the effects such issues can have on the ability to borrow. So, what is the required waiting period for new FHA home loans after filing bankruptcy or foreclosure?
How do condo loans differ from other FHA insured home loans? That's a frequently asked question topic for FHA loans, and with good reason. FHA loan rules for home purchases are different than the rules for loans on condominium units.

Previous 5 Next 5
Privacy Policy | Terms of Use | About Us | Site Map | Contact | FHA Lenders

SecureRights Advertiser Contact Information

Copyright © 1997-2014 · FHA.com · All Rights Reserved
Web Design: Bouncing Pixel · Houston, Texas


Qualify for an FHA Loan
Compare Refinance
Mortgage Rates
Sites and Offers of Interest
 

Free FHA Limits Calculator

Display current FHA loan limits for states and counties on your real estate, mortgage, or community website.

Get: FHA Limits Widget

FEATURED SITES:

Military Hub
Helping you make the best financial choices, build wealth, and save money during and after your military service.

-- Military Insurance
-- Military Pay
-- GI Bill Education
-- Military Finance

VA Loans
Offering VA loan products that meet the home financing needs of active duty military and veterans across the country.

-- VA Loan Limits
-- VA Loan Refinance
-- VA Loan Guidelines


Remember, the FHA does not make home loans. They insure the FHA loans that we can assist you in getting. FHA.com is a private corporation, is not a government agency, and does not make loans.

FHA LOAN TYPES:

-- FHA Home Loan
-- FHA Secure
-- FHA Reverse
-- FHA Loan (fixed rate)

SPECIAL FHA TOPICS:

-- FHA Down Payments
-- FHA Credit
-- FHA Appraisals
-- FHA Mortgage Tips
-- FHA Loan Prequalify
-- Other Loan Types
-- FHA Loan Questions
-- Obama Mortgage
-- HOPE Act

FHA Foreclosed Homes

SEARCH FOR FREE!

Search by State
- or -
Enter Zip Code

FHA News Blog
- A Blog About FHA Loans -
This blog is brought to you by the knowledgeable group of counselors at FHA.com. Our team specializes in advising our customers about the value of FHA mortgage loans. > See also: VA Loans Blog
Military Rates and Charts
- A Military Hub Site -
Military guidelines, regulations, and benefits are introduced each year for everything from Military Pay Charts to your VA Loan benefits. We can help you stay informed. > See also: Military Pay Archive